ACCT3321 Study Guide - Final Guide: Accounting Scandals, Credit Risk, Market Participant
Document Summary
Purpose and status of the framework: sets out concepts that underlie the preparation and presentation of financial statements for external users, purpose, assist the aasb in the development of future australian accounting. Standards: assist the aasb in promoting harmonisation of regulations, accounting standards and procedures relating to the presentation of financial statements, assist preparers of financial statements in applying australian. Accounting standards and in dealing with topics that have yet to form the subject of an aas: assist auditors in forming an opinion as to whether the financial statements conform with aas. Underlying assumptions of the cf: going concern, assuming an entity will continue in operation for the foreseeable future, assuming the entity has neither the intention nor the need to liquidate. Recognition of the elements interpreting the information contained in financial statements prepared in conformity with aas: not an aas does not define standards, aasb recognises may be conflict between the framework and an aas.
